White Cliff Minerals Ltd (ASX:WCN) Annual Report for the Period Ended 30 June 2017
Review of Operations
Highlights
Exploration was successfully advanced on several projects during the reporting period. Most notably the Company increased the high grade JORC 2012 compliant gold resource at the Aucu Gold project in the Kyrgyz Republic to 1.8 Mt at 5.2 g/t gold for 302,000 ounces of contained gold and identified a JORC 2012 compliant copper resource at Aucu of 608,000 tonnes at 0.64% copper for 3,780 tonnes of contained copper. These deposits are open along strike and at depth. Metallurgical test work indicated high gold recoveries averaging 98% overall.
The Company also identified potentially economic gold mineralisation at the Ironstone and East Burtville Gold prospects near Laverton in Western Australia.
A review of the Company's existing nickel-cobalt projects revealed that Ghan Well contained potentially economic cobalt mineralisation which is open laterally and along strike.
Corporate
During the reporting period the Company completed a placement and a share purchase plan that raised $2,549,750 (before issue costs) to continue its exploration programs and for working capital. Subsequent to year end the Company announced a rights issue and placement to raise a maximum of $2,890,000.
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About White Cliff Minerals Ltd:
White Cliff Minerals Ltd. (ASX:WCN) is a Western Australian based exploration company with the following main projects:
Kyrgyz Aucu Gold Project (90%): The Project contains extensive porphyry related gold and copper mineralisation starting at the surface and extending over several kilometres. Drilling during 2014-6 has defined a gold deposit currently containing an inferred resource of 1.8Mt at 5.2 g/t containing 302,000 ounces of gold and 608,000 tonnes at 0.64% copper containing 3870 tonnes of copper. Drilling has also defined a significant copper deposit at surface consisting of 10Mt at 0.41% copper containing 41,000 tonnes of copper.
Extensive mineralisation occurs around both deposits demonstrating significant expansion potential. The project is located in the Kyrgyz Republic, 350km west-southwest of the capital city of Bishkek and covers 57 square kilometres. The Chanach project is located in the western part of the Tien Shan Belt, a highly mineralised zone that extending for over 2500 km, from western Uzbekistan, through Tajikistan, Kyrgyz Republic and southern Kazakhstan to western China.
Merolia Gold and Nickel Project (100%): The project consists of 771 square kilometres of the Merolia Greenstone belt and contains extensive ultramafic sequences including the Diorite Hill layered ultramafic complex, the Rotorua ultramafic complex, the Coglia ultramafic complex and a 51 kilometre long zone of extrusive ultramafic lavas. The intrusive complexes are prospective for nickel-copper sulphide accumulations possibly with platinum group elements, and the extrusive ultramafic rocks are prospective for nickel sulphide and nickel-cobalt accumulations.
The project also contains extensive basalt sequences that are prospective for gold mineralisation including the Ironstone prospect where historical drilling has identified 24m at 8.6g/t gold. Soil sampling in 2016 has identified multiple mineralised gold trends at Burtville Ea
Source:
White Cliff Minerals Ltd.
Contact:
Todd Hibberd Managing Director T: +61-8-9321-2233 E: info@wcminerals.com.au W: www.wcminerals.com.au Luke Forrestal Media + Capital Partners M: +61-411-479-144 E: luke.forrestal@mcpartners.com.au
